Morgan Stanley's CIO: Chip Stocks Following Rare Earths and Gold As Next "Commodity Boom." Here's Why That Should Worry You.

Morgan Stanley’s CIO framed the 2026 semiconductor rally as part of a broader commodity-style rotation, citing liquidity dynamics and warning that the move may be closer to “peak” than “launch.” Michael Wilson, Morgan Stanley’s Chief Investment Officer and Chief U.S. Equity Strategist, appeared on CNBC, linking Fed money printing to rising liquidity and noting that gold, silver, rare earths, and then chips have all run. He pointed to M2 at $23.05 trillion as of May 1, 2026, with acceleration from December 2025, and compared it to oil’s rise and fade, with WTI peaking at $114.58 on April 7 before easing to $78.94 by June 22. Wilson also highlighted an alleged four-month tracking of semiconductors versus silver; the iShares Silver Trust was down 35.42% from March 2 to June 29, including a 22.9% drop in the last month. He remained structurally bullish on AI, while acknowledging a cyclical pause.